The Gig Harbor real estate market is witnessing a significant resurgence, with the median price for single-family homes reaching a record $915,000 in January 2025, up 1. 8% from the previous month. This increase follows a period of four months where home prices remained flat, and it represents a 7. 6% rise compared to January 2024. The market also experienced a surge in new listings, with 63 homes hitting the market, but the demand remains strong, as evidenced by 46 homes going under contract.

This ongoing supply-demand imbalance favors sellers, challenging the notion that spring is the optimal time to list properties. A notable trend is the reduced median days on market, which fell to 19 days in January, compared to 39 days in January 2024. Many homeowners are hesitant to sell due to low mortgage rates, yet some are beginning to prioritize personal happiness over financial factors, indicating a shift in mindset. Given the current dynamics, home prices in Gig Harbor are unlikely to decline significantly in the near future. The overall outlook for the market continues to favor sellers, with strong demand and limited inventory.